Granite Announces 2014 Second Quarter Results

TORONTO, August 6, 2014 /PRNewswire/ - Granite Real Estate Investment Trust and Granite REIT Inc. (TSX: GRT.UN; NYSE: GRP.U) ("Granite" or the "Trust") today announced their combined results for the three and six month periods ended June 30, 2014.

HIGHLIGHTS

Highlights for the three month period ended June 30, 2014, including events subsequent to the quarter, are set out below:

Revenue for the second quarter was up 13% to $52.2 million compared to the prior year period. The increase was primarily attributable to the acquisitions completed during the fourth quarter of 2013 and favourable foreign exchange rates relative to last year;

Due to the increased revenue and lower current income taxes resulting from the favourable outcome of certain tax audits, comparable FFO per unit(2) was up 12% in comparison to the same quarter last year;

On June 26, 2014, Granite completed the disposition of its portfolio of Mexican properties to a subsidiary of Magna International Inc. for net cash proceeds before income taxes of $108.6 million;

On July 3, 2014, Granite issued at par $250 million of 3.788% Series 2 senior debentures due July 5, 2021 and concurrently entered into a cross currency interest rate swap to exchange the 3.788% Canadian dollar interest payments to euro denominated payments at 2.68%; and

On August 5, 2014, Granite redeemed all of the outstanding debentures due December 2016 for $294.7 million, which included a redemption premium of $27.7 million and accrued and unpaid interest to the redemption date of $2.0 million.

Granite's results for the three and six month periods ended June 30, 2014 and 2013 are summarized below (all figures are in Canadian dollars):

(in thousands, except per unit figures)

Three months endedJune 30,

Six months endedJune 30,

2014

2013

2014

2013

Revenues

$ 52,160

$ 46,151

$ 105,093

$ 91,097

Net income from continuing operations

26,416

38,919

38,591

127,977

Net income from discontinued operations

4,369

4,475

6,757

9,811

Net income

$ 30,785

$ 43,394

$ 45,348

$ 137,788

Funds from operations ("FFO")(1)

$ 39,870

$ 31,258

$ 78,874

$ 65,264

Comparable funds from operations(2)

$ 39,870

$ 35,478

$ 78,874

$ 69,484

Basic and diluted FFO per stapled unit(1)

$ 0.85

$ 0.67

$ 1.68

$ 1.39

Basic and diluted comparable FFO per stapled unit(2)

$ 0.85

$ 0.76

$ 1.68

$ 1.48

Fair value of investment properties(3)

$ 2,246,600

$ 2,113,717

Readers are cautioned that certain terms used in this press release such as FFO and any related per unit amounts used by management to measure, compare and explain the operating results and financial performance of the Trust do not have standardized meanings prescribed under International Financial Reporting Standards ("IFRS") and, therefore, should not be construed as alternatives to net income, cash flow from operating activities or revenue, as appropriate, calculated in accordance with IFRS. Additionally, because these terms do not have a standardized meaning prescribed by IFRS they may not be comparable to similarly titled measures presented by other publicly traded entities.

(1)

FFO is defined as net income attributable to stapled unitholders prior to fair value gains (losses), gains (losses) on sale of investment properties, acquisition transaction costs, deferred income taxes and certain other non-cash items, adjusted for non-controlling interests in such items. The Trust's determination of FFO follows the definition prescribed by the Real Estate Property Association of Canada ("REALPAC") and is a widely used measure by analysts and investors in evaluating the performance of real estate entities. Granite considers FFO to be a meaningful supplemental measure that can be used to determine the Trust's ability to service debt, finance capital expenditures and provide distributions to stapled unitholders. FFO is reconciled to net income, which is the most directly comparable IFRS measure (see ""Reconciliation of Funds from Operations to Net Income Attributable to Stapled Unitholders"). FFO does not represent or approximate cash generated from operating activities determined in accordance with IFRS and is not reconciled to cash flow from operating activities as the calculation of FFO does not consider changes in working capital items or adjust for certain other non-cash items that are included in the determination of cash flow from operating activities in accordance with IFRS.

(2)

Comparable FFO currently excludes $4.2 million of current income tax expense associated with withholding taxes paid in the second quarter of 2013 related to the repatriation of prior years' earnings from foreign jurisdictions primarily associated with certain planned internal reorganizations undertaken post the REIT conversion. As the $4.2 million withholding tax payment is a result of a significant earnings repatriation that is not expected to recur at a similar level of magnitude, it has been added to FFO to arrive at a comparable FFO amount to current and prior periods. In the future, other large unusual items that are not expected to be of a recurring nature may also be considered when determining comparable FFO and will be explicitly described and quantified. For a reconciliation of FFO to comparable FFO, please refer to the section titled "Reconciliation of Funds from Operations to Net Income Attributable to Stapled Unitholders".

(3)

At period end.

GRANITE'S COMBINED FINANCIAL RESULTS

During the three month period ended June 30, 2014, Granite disposed of its portfolio of Mexican properties. As the Mexican properties represented a significant geographical area of operations, the Trust has presented the income and expenses associated with the Mexican portfolio as discontinued operations on a retroactive basis to prior reporting periods. Discontinued operations are reported separately from income and expenses from continuing operations in the condensed combined financial statements.

Three month period ended June 30, 2014

For the three month period ended June 30, 2014, rental revenue increased by $6.0 million, from $46.2 million in the second quarter of 2013 to $52.2 million in the second quarter of 2014, primarily due to the acquisition of eight properties in Europe and one in the United States during the latter half of 2013 and the favourable effects of changes in foreign currency exchange rates, in particular, the euro.

Granite's net income from continuing operations in the second quarter of 2014 was $26.4 million, down from the $38.9 million of net income from continuing operations reported for the second quarter of 2013. Net income from continuing operations decreased primarily due to (i) net fair value losses on investment properties of $5.6 million compared to $8.1 million in net fair value gains in the prior year period, (ii) $2.2 million in additional net interest expense and (iii) a $2.3 million increase in income tax expense due to a higher deferred component, partially offset by (iv) a $6.0 million increase in rental revenue.

Granite's net income from discontinued operations for the second quarter of 2014 was $4.4 million compared to $4.5 million in the second quarter of 2013. Net income from discontinued operations in the second quarter of 2014 includes a $5.0 million loss on disposal which was comprised of a $4.6 million closing adjustment and $0.4 million in selling costs related to the disposition that was more than offset by the classification of net foreign currency translation gains of $5.7 million previously accounted in other comprehensive income.

Comparable FFO for the second quarter of 2014 was $39.9 million and comprises $37.1 million from continuing operations and $2.8 million from discontinued operations. Comparable FFO for the second quarter of 2013 was $35.5 million and comprises $32.7 million from continuing operations and $2.8 million from discontinued operations. The increase in total comparable FFO of $4.4 million to $39.9 million from $35.5 million in the prior year period was primarily due to continuing operations where increased rental revenue of $6.0 million and a $2.5 million increase in current income tax recoveries were partially offset by an increase in interest expense and other financing charges of $2.2 million, a $0.8 million increase in property costs and a $0.6 million increase in foreign exchange losses.

Six month period ended June 30, 2014

For the six month period ended June 30, 2014, rental revenue increased by $14.0 million, from $91.1 million in the six month period ended June 30, 2013 to $105.1 million in the six month period ended June 30, 2014, primarily due to the acquisition of 12 properties in Europe and the United States during 2013 and the favourable effects of changes in foreign currency exchange rates, in particular, the euro.

Granite's net income from continuing operations in the six month period ended June 30, 2014 was $38.6 million and compares with $128.0 million reported for the six month period ended June 30, 2013. Net income from continuing operations decreased primarily due to (i) net fair value losses on investment properties of $29.1 million compared to $23.2 million in net fair value gains in the prior year period, (ii) a $39.9 million increase in income tax expense, which includes the reversal of $41.9 million in Canadian deferred income tax liabilities in the prior year period as a result of converting to a REIT on January 3, 2013, (iii) a $5.1 million gain in the prior year period on the settlement of the Meadows holdback and (iv) $4.6 million in additional net interest expense, partially offset by (v) a $14.0 million increase in rental revenue and (vi) decreased acquisition transaction costs of $0.8 million.

Granite's net income from discontinued operations for the six month period ended June 30, 2014 was $6.8 million compared to $9.8 million in the comparable prior year period. The reduction in net income is due to the fair value gains on investment properties in the six month period ended June 30, 2013 which were partially offset by a corresponding increase to deferred income tax expense in the same period.

Comparable FFO for the six month period ended June 30, 2014 was $78.9 million and comprises $73.0 million from continuing operations and $5.9 million from discontinued operations. Comparable FFO for the six month period ended June 30, 2013 was $69.5 million and comprises $64.1 million from continuing operations and $5.4 million from discontinued operations. The increase in total comparable FFO of $9.4 million to $78.9 million from $69.5 million in the prior year period was primarily due to continuing operations where increased rental revenue of $14.0 million and lower current income tax expense of $1.5 million were partially offset by an increase in interest expense and other financing charges of $4.6 million, a $1.5 million increase in property operating costs and a $0.7 million increase in net foreign exchange losses.

A more detailed discussion of Granite's combined financial results for the three and six month periods ended June 30, 2014 and 2013 is contained in Granite's Management's Discussion and Analysis of Results of Operations and Financial Position and the unaudited condensed combined financial statements for those periods and the notes thereto, which are available through the internet on Canadian Securities Administrators' Systems for Electronic Document Analysis and Retrieval ("SEDAR") and can be accessed at www.sedar.com and on the United States Securities and Exchange Commission's (the "SEC") Electronic Data Gathering, Analysis and Retrieval System ("EDGAR") which can be accessed at www.sec.gov.

RECONCILIATION OF FUNDS FROM OPERATIONS TO NET INCOME ATTRIBUTABLE TO STAPLED UNITHOLDERS

Three months endedJune 30,

Six months endedJune 30,

(in thousands, except per unit information)

2014

2013

2014

2013

Net income attributable to stapled unitholders

$ 30,668

$ 43,548

$ 45,123

$ 137,839

Add (deduct):

Fair value losses (gains) on investment properties

5,570

(8,122)

29,123

(23,152)

Fair value losses (gains) on financial instruments

(377)

643

(339)

148

Gain on Meadows holdback

─

─

─

(5,143)

Acquisition transaction costs

─

382

─

793

Loss on sale of investment properties

─

328

182

328

Current income tax expense associated with the sale of an investment property

─

─

1,099

─

Deferred income taxes

5,541

(3,624)

4,490

(40,946)

Non-controlling interests relating to the above

34

(260)

44

(206)

Discontinued operations relating to the above

(1,566)

(1,637)

(848)

(4,397)

FFO

$ 39,870

$ 31,258

$ 78,874

$ 65,264

Withholding tax payment

─

4,220

─

4,220

Comparable FFO

$ 39,870

$ 35,478

$ 78,874

$ 69,484

Basic and diluted FFO per stapled unit

$ 0.85

$ 0.67

$ 1.68

$ 1.39

Basic and diluted comparable FFO per stapled unit

$ 0.85

$ 0.76

$ 1.68

$ 1.48

Basic number of stapled units outstanding

47,014

46,932

46,988

46,907

Diluted number of stapled units outstanding

47,070

46,948

47,029

46,929

CONFERENCE CALL

Granite will hold a conference call on Thursday, August 7, 2014 at 8:30 a.m. Eastern time. The number to use for this call is 1-800-952-6697. Overseas callers should use +1-416-981-9018. Please call in at least 10 minutes prior to start time. The conference call will be chaired by Tom Heslip, Chief Executive Officer. For anyone unable to listen to the scheduled call, the rebroadcast numbers will be: North America – 1-800-558-5253 and Overseas - +1-416-626-4100 (enter reservation number 21727553) and will be available until Monday, August 18, 2014.

ABOUT GRANITE

Granite is a Canadian-based REIT engaged in the ownership and management of predominantly industrial, warehouse and logistics properties in North America and Europe. Granite owns approximately 30 million square feet in over 100 rental income properties. Our tenant base currently includes Magna International Inc. and its operating subsidiaries as our largest tenants, together with tenants from other industries.

This press release may contain statements that, to the extent they are not recitations of historical fact, constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation, including the United States Securities Act of 1933, as amended and the United States Securities Exchange Act of 1934, as amended, and applicable Canadian securities legislation. Forward-looking statements and forward-looking information may include, among others, statements regarding the Trust's future plans, goals, strategies, intentions, beliefs, estimates, costs, objectives, capital structure, cost of capital, tenant base, tax consequences, economic performance or expectations, or the assumptions underlying any of the foregoing. Words such as "may", "would", "could", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate", "seek" and similar expressions are used to identify forward-looking statements and forward-looking information. Forward-looking statements and forward-looking information should not be read as guarantees of future events, performance or results and will not necessarily be accurate indications of whether or the times at or by which such future performance will be achieved. Undue reliance should not be placed on such statements. There can be no assurance that the intended developments in Granite's relationships with its tenants, the expansion and diversification of Granite's real estate portfolio, the expected cost of development and re-development projects and the expected sources of funding and increases in leverage can be achieved in a timely manner, with the expected impact or at all. Forward-looking statements and forward-looking information are based on information available at the time and/or management's good faith assumptions and analyses made in light of our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances, and are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond the Trust's control, that could cause actual events or results to differ materially from such forward-looking statements and forward-looking information. Important factors that could cause such differences include, but are not limited to, the risk of changes to tax or other laws that may adversely affect Granite Real Estate Investment Trust's mutual fund trust status under the Income Tax Act (Canada) or the effective tax rate in other jurisdictions in which Granite operates; economic, market and competitive conditions and other risks that may adversely affect Granite's ability to achieve desired developments in its relationships with its tenants, expand and diversify its real estate portfolio and increase its leverage; and the risks set forth in the "Risk Factors" section in Granite's Annual Information Form for 2013, filed on SEDAR at www.sedar.com and attached as Exhibit 1 to the Trust's Annual Report on Form 40-F for the year ended December 31, 2013, filed with the SEC and available online on EDGAR at www.sec.gov, all of which investors are strongly advised to review. The "Risk Factors" section also contains information about the material factors or assumptions underlying such forward-looking statements and forward-looking information.Forward-looking statements and forward-looking information speak only as of the date the statements were made and unless otherwise required by applicable securities laws, the Trust expressly disclaims any intention and undertakes no obligation to update or revise any forward-looking statements and forward-looking information contained in this press release to reflect subsequent information, events or circumstances or otherwise.

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